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March 19, 2010

SOUTH KOREA: Kia shares up on engine plant, quality, news

Shares in Kia Motors rose 5% today (19 March) to reach their highest since mid January after the automaker made vehicle quality improvements and announced an engine factory expansion in Slovakia.

Shares in Kia Motors rose 5% today (19 March) to reach their highest since mid January after the automaker made vehicle quality improvements and said it would establish an engine factory in Slovakia.

According to the latest JD Power & Associates’ study of vehicle dependability figures, Kia cut complaints per 100 vehicles to 167 from 218 a year earlier.

Kia also said it would add a EUR100m (US$136m) engine unit next to its car plant at Zilina in Slovakia. Parent Hyundai Motor’s plant in the neighbouring Czech Republic already makes gearboxes for the cars and small SUVs assembled in the car plants there and in Zilina.

The J D Power study was based on a survey between October and December 2009 of more than 52,000 owners of 2007 model year vehicles.

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